Published 2:43 pm, Wednesday, July 15, 2015

SEYMOUR >> The town recently landed the state’s highest honor for its top-notch work to keep its finances on track.

First Selectman Kurt Miller recently announced that Seymour, and its Finance Director Doug Thomas, were awarded with a Certificate of Achievement for Excellence in Finance Reporting by the Government Finance Officers Association, or GFOA. The award is “the highest form of recognition in the area of government accounting,” according to the GFOA website, and town officials couldn’t be happier to be on the receiving end of it.

“This award was something that was identified in the 10-year strategic plan as it shows excellence in financial reporting,” said Miller. “With our financial reporting in top form, it shows that our Finance Department is doing all that it can and more. Things like this go a long way with rating agencies when they are assigning board ratings. Plus, even more importantly, this award is tied to the town’s audit. With all that has gone on in other towns with money being stolen or lost, I think it is a pretty strong indication of the way we conduct our business in Seymour. It shows we are not only very professional, but that we take very seriously the responsibility of care of the money that is made available to us by the residents.”

The award, Miller said, is the result of Seymour’s first-ever Comprehensive Annual Finance Report, or CAFR, an annual report detailing the current financial status of a government that goes beyond basic accounting requirements. The award, according to the GFOA website, is designed to “encourage and assist state and local governments to go beyond minimum requirements of accounting ... in the spirit of transparency and full disclosure.”

“We are very excited to receive this award after our first effort with the CAFR,” Miller said. “I know that accounting awards may not seem very important, but accomplishments like this weigh heavily in the town’s ability to borrow money cheaply and improve Seymour’s parks, schools and roads.”

Miller said the high honor ties in with one of his main goals when he was first elected to office in 2011, and that was to restore Seymour to stable financial footing. Since then, Miller said significant progress has been made, most notably the town’s bond rating increase last year. In April 2014, the Manhattan-based financial ratings agency, Standard & Poor’s, upgraded Seymour’s long-term credit rating two levels to a near perfect AA+, which is S&P’s second-highest rating. The strong credit rating makes it easier for borrowers to gain access to capital at a significantly lower interest rate.

Stabilizing the tax rate, increasing the town’s fund balance, reducing the debt ratio, the bond rating upgrade and now the prestigious accounting award from the state have vastly improved Seymour’s financial picture, Miller said, and he lauded Thomas for being a major part of that.

“All of the work was done by Doug Thomas and his staff,” Miller noted. “He spent a great deal of time compiling extra data and information, going above and beyond what is normally required for a municipal audit. “

Thomas said receiving the major accolade was welcome news.

“It’s great to see our efforts culminate in this prestigious award,” Thomas said.

According to its website, the GFOA is comprised of more than 400 state and local government finance officers and others interested in public finance, with a commitment to promoting professionalism and excellence in government financial management by promoting education and networking.